Manchester hotel and restaurant complex bought for £23m

By Melodie Michel contact

- Last updated on GMT

The unit comprises a 157-bedroom Travelodge
The unit comprises a 157-bedroom Travelodge

Related tags: Manchester

Legal & General Property (LGP) has acquired 19/31 Piccadilly Gardens in Manchester, which holds a 157-bed Travelodge as well as two restaurant units, for £23.1m.

Located at the junction between Piccadilly Gardens and Oldham Street, the the 87,376 sq. ft property has recently been redeveloped. Its two restaurant units are currently let to a Zizzi and a Nando’s. The building also includes a Morrison’s shop, and the hotel is located on the five upper floors.

The new owner company, which purchased the property from Jolan Piccadilly Limited, is not planning any changes in leases.

Matt Jarvis, fund manager at LGP, said: "Piccadilly Gardens is a key location within Manchester’s Central Business District and forms a natural continuation of the prime retailing area along Market Street.  As such, it has continued to establish itself as a new vibrant leisure pitch within the city centre with a number of leading restaurant operators keen to establish a presence in the area.

"We believe that demand for good quality modern units in prime locations will always be present and that these assets will continue to benefit from wider regeneration of Manchester's City centre.”

Tony O’Brien, UK development director for Travelodge Hotels, added:  "This is one of the very best hotel locations in Manchester and the Travelodge has been trading extremely well since it opened at the end of January.

Related topics: Business, Restaurants, Hotels, Venues

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